Factors Considered in an Appraisal.
An appraisal gives you and your lender an estimate of a home’s value. It helps make sure your offer, the purchase price, is in line with the home’s fair market value. To make an appraisal, the home is inspected and compared to similar homes in the area that have been sold within the last six to twelve months. While PrimeLending chooses who will conduct the appraisal, this is generally an expense paid for by the buyer.
PROBLEM AREAS APPRAISERS LOOK FOR
DID YOU KNOW?
It’s important to know the appraisal is not the same thing as your home inspection, which will occur after your sales contract is signed. The appraisal primarily documents obvious visual conditions, along with a cost and size comparison to other homes. You should receive your report within several days to a week or so.